Bajaj Electricals cancels stock options

Consumer durables company, Bajaj Electricals, today announced that it has cancelled 5,55,000 outstanding stock options to its employees due to the existing market conditions.

The above said stock options were granted under to the eligible employees of the company at various prices under the 'growth plan' of Bajaj Electricals Employee Stock Option Scheme - 2007.

The company will re-grant 4,66,385 stock options under the 'growth plan' to the eligible employees at a price of Rs 215.5, stated the company in a filing to the Bombay Stock Exchange (BSE).

"The stock options so granted, shall vest in the eligible employees in three tranches beginning from May 1, 2010, the first vesting date. The options granted under each of the slab, can be exercised by the grantees within a period of three years from the relevant vesting date," stated the company.

The company Shares closed at Rs 222, down 0.25 per cent as against its previous close of Rs 222.55 on the BSE.